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Hon Hai Precision Industry Co., Ltd. and Subsidiaries Consolidated Financial Statements and Report of Independent Accountants

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Hon Hai Precision Industry Co., Ltd. and Subsidiaries Consolidated Financial Statements and Report of Independent Accountants HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS JUNE 30, 2009 AND 2010 For the convenience of readers and for information purpose only, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail. ~ 1 ~ REVIEW REPORT OF INDEPENDENT ACCOUNTANTS TRANSLATED FROM CHINESE To The Board of Directors and Stockholders: Hon Hai Precision Industry Co., Ltd. We have reviewed the accompanying consolidated balance sheets of Hon Hai Precision Industry Co., Ltd. and its subsidiaries as of June 30, 2009 and 2010, and the related consolidated statements of income, of changes in stockholders’equity and of cash flows for the six-month periods then ended, expressed in thousands of New Taiwan dollars. These financial statements are the responsibility of the Company’s management. Our responsibility is to issue a report on these financial statements based on our reviews. We did not review the financial statements of certain consolidated subsidiaries which statements reflect total assets of $173,622,645,000 and $184,674,091,000, constituting 19.27% and 14.50% of the consolidated total assets as of June 30, 2009 and 2010, respectively, and total revenues of $106,045,007,000 and $102,976,059,000, constituting 13.06% and 8.59% of the consolidated total operating revenues for the six-month periods then ended, respectively. Those statements were reviewed by other auditors, whose reports thereon have been furnished to us, and our conclusion expressed herein, insofar as it relates to the amounts included for these subsidiaries, is based solely on the reports of the other auditors. Except as explained in the following paragraph, we conducted our reviews in accordance with the Statement of Auditing Standards No. 36, "Review of Financial Statements" in the Republic of China. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards in the Republic of China, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Notes 1(2) and 4(8), the financial statements of certain consolidated subsidiaries and long-term equity investments accounted for under the equity method and certain information disclosed in Note 11 were not reviewed by independent accountants, which statements reflect total assets (including long-term equity investments) of $224,115,144,000 and $280,104,664,000, constituting 24.88% and 21.99% of the consolidated total assets, and total liabilities of $80,670,377,000 and $129,159,537,000, constituting 17.03% and 16.58% of the consolidated total liabilities as of June 30, 2009 and 2010, respectively, as well as total net income (including investment income accounted for under the equity method) of $4,365,112,000 and ~ 2 ~ $9,049,762,000, constituting 15.45% and 26.95% of the consolidated net income for the six-month periods then ended, respectively. Based on our reviews and the reports of other auditors, except for the effect of such adjustments, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and long-term investments been reviewed as explained in the preceding paragraph, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to be in conformity with the "Rules Governing the Preparation of Financial Statements by Securities Issuers" and generally accepted accounting principles in the Republic of China. As described in Note 3, effective January 1, 2009, the Company and subsidiaries adopted the amendments to R.O.C. SFAS No. 10, “Accounting for Inventories”. As disclosed in Note 2, the consolidated financial statements of Hon Hai Precision Industry Co., Ltd. and its subsidiaries as of and for the six-month period ended June 30, 2010 expressed in U.S. dollars are presented solely for the convenience of the reader and were translated from the financial statements expressed in New Taiwan dollars using the exchange rate of U.S.$1.00:NT$32.27, the noon buying rate in the City of New York for cable transfers in NT dollars per U.S. dollars as certified for custom purposes by the Federal Reserve Bank of New York as of June 30, 2010. This basis of translation is not in accordance with generally accepted accounting principles in the Republic of China. PricewaterhouseCoopers, Taiwan August 24, 2010 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and report of independent accountants are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation. ~ 3 ~ HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, (EXPRESSED IN THOUSANDS OF DOLLARS) (UNAUDITED) 2009 2010 2010 NT$ NT$ US$ (Note 2) ASSETS Current Assets Cash and cash equivalents (Note 4 (1)) $ 125,055,296 $ 249,758,233 $ 7,739,642 Financial assets at fair value through profit or loss - current (Note 4 (2)) 374,131 110,270 3,417 Available-for-sale financial assets - current (Note 4 (3)) 1,177,962 1,054,860 32,689 Notes receivable, net (Notes 4 (4)) 1,536,868 18,738,666 580,684 Accounts receivable, net (Notes 4 (4) ) 245,834,055 350,336,955 10,856,428 Accounts receivable, net - related parties (Note 5) 15,635,304 17,491,873 542,047 Other receivables (Notes 4(5) and 5) 16,933,789 28,195,618 873,741 Inventories, net (Notes 3 and 4 (6)) 167,106,229 253,195,564 7,846,159 Prepayments (Note 5) 4,584,239 5,941,376 184,115 Deferred income tax assets - current (Note 4 (14)) 2,571,345 2,327,151 72,115 580,809,218 927,150,566 28,731,037 Funds and Investments Available-for-sale financial assets - non-current (Note 4 (3)) 13,652,341 12,743,732 394,910 Financial assets carried at cost - non-current (Note 4 (7)) 1,324,699 2,148,152 66,568 Long-term equity investments accounted for under the equity method (Note 4 (8)) 28,623,380 33,401,829 1,035,074 Prepaid long-term investment(Note4(8)) - 33,033 1,024 Other financial assets - non-current (Note 6) 85,145 23,481,870 727,668 43,685,565 71,808,616 2,225,244 Property, Plant and Equipment (Notes 4 (9) and 5) Cost Land 3,703,839 3,885,454 120,405 Buildings and improvements 100,691,528 115,607,973 3,582,522 Machinery 154,980,995 160,765,871 4,981,899 Molding equipment 2,847,581 3,150,875 97,641 Testing equipment 19,678,538 21,577,499 668,655 Office equipment 12,776,776 13,748,520 426,046 Tooling equipment 3,093,551 3,246,397 100,601 Other equipment 27,339,279 31,477,981 975,456 Cost and revaluation 325,112,087 353,460,570 10,953,225 Less: Accumulated depreciation ( 105,281,210) ( 131,005,767) ( 4,059,677) Accumulated impairment ( 2,565,150) ( 3,623,071) ( 112,273) Construction in progress and prepayments for equipment 29,215,002 23,354,417 723,719 246,480,729 242,186,149 7,504,994 Intangible Assets (Note 4 (10)) Goodwill 1,345,627 215,474 6,677 Other intangible assets 653,575 316,356 9,804 1,999,202 531,830 16,481 Other Assets Deferred charges 5,175,561 5,482,188 169,885 Other assets - other (Notes 4(11) and 6) 22,763,368 26,574,145 823,494 27,938,929 32,056,334 993,379 TOTAL ASSETS $ 900,913,643 $ 1,273,733,495 $ 39,471,134 (continued) ~ 4 ~ HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) JUNE 30, (EXPRESSED IN THOUSANDS OF DOLLARS) (UNAUDITED) 2009 2010 2010 NT$ NT$ US$ (Note 2) LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Short-term loans (Note 4 (12)) $ 43,913,266 $ 171,430,469 $ 5,312,379 Financial liabilities at fair value through profit or loss - current (Note 4 (2)) 52,153 73,246 2,270 Accounts payable 257,404,594 398,200,552 12,339,651 Accounts payable - related parties (Note 5) 18,547,701 21,104,777 654,006 Income tax payable (Note 4 (14)) 10,677,771 12,811,552 397,011 Accrued expenses (Notes 4 (13)(19)) 35,631,509 50,632,926 1,569,040 Dividends payable (Note 4 (21)) 8,156,086 17,157,864 531,697 Payables for equipment (Note 5) 3,550,164 6,670,426 206,707 Other payables (Note 4 (21)) 6,351,030 5,972,878 185,091 Receipts in advance 4,033,596 2,377,013 73,660 Long-term liabilities - current portion (Note 4 (15))
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